Sub: Deletion of data being

outdated and inaccurate in the

name of the company and its
CMD Pavan Sachdeva.

We would like to bring to your kind
attention the following data loaded
in google search engine:



Justification for deletion of such
information :-

1 Special Report India Today
April,1995


The heading MS Shoes case :

Pavan Sachdeva arrested, SEBI and
Merchant Bankers come under the
cloud. (copy enclosed as
Annexure-1).
Individuals have the right to be
forgotten as held by EU Top Court.

The data is of period April, 1995
and has become outdated as well as
inaccurate, irrelevant, no longer
relevant, inadequate and excessive
in relation to the purpose for which
they were processed in the light of
the time that has a elapsed.

Deletion of such information does
not amount to censorship in view of
several changes/current information
for last 20 years from the date of
reporting .
The CMD and the company has
gone into several changes of the
said allegations in the data
provided by your company.
The changes and the developments
are as follows :

It was wrongful arrest by CBI.

The allegations in the FIR were
completely wrong in law.

The 5 star hotel in the heart of
Delhi mentioned in the report have
been decreed in favour of the
company as on 3.7.2010. The court
has declared the cancellation as
null & void and inoperative.
The case under which arrest was
made was closed on the closure
report filed by CBI in Sept., 1998
and the closure report was accepted
by the First Class Magistrate of
Mumbai vide its order dated
30.9.1998.

The criminal complaint of the
company is pending before Court
against the persons who filed a
wrong FIR with ulterior motives
motivated by the competitors of the
company.
As allegations in the report
reported from the FIR, annexed as
Annexure-I that misleading
information on companies
proposed Rs. 699 crores public &
right issue and for propping of the
shares has no relevance in the view
of the closure of the FIR which was
reported in the newspapers but the
same is not reflected in the data on
Google, copy of the closure report
is annexed as Annexure-II.

The allegation in the report that
there were co-conspirators does not
stand any more as the FIR was
closed as back as in Sept.,1998.
The allegations that officials
flouted number of guidelines to
give monitory advantage to the
companys promoter also does not
stand in view of the closure of the
FIR in 1998.
The allegations that SBI Caps gave
false due diligence certificate
stands closed on the closure of the
FIR.
The allegations in the report that
SEBI permitted the company to
collect 50% subscription and the
rule book mentioned in the report
that if issue is above Rs. 50 crores
not more than 25% should be
collected on application are
completely wrong in view of the
SEBI guidelines at the relevant
time, in support the copy of SEBI
regulations at the relevant time is
annexed as Annexure-III.

The allegations in the report the
SEBI exempted from bringing in
the promoters quota for Rs. 85.65
crores for the public issue is also
are wrong reporting in the said
report.
The allegations that SEBI did not
instruct Delhi Stock Exchange to
stop the release of the proceeds of
the public issue till the entire right
issue was subscribed is also wrong
reporting as there was no SEBI
guidelines at the relevant time to
instruct the stock exchanges to stop
the release of the proceeds since
the proceeds are not with Delhi
Stock Exchange but always
remained with the banks as trustee
of the investors.

The allegations that SBI Caps enter
into conspiracy with CMD of the
company and thereby cheated a
large number of common investors
in the matter of vetting prospectus
and other documents is also false in
view of the fact that the prospectus
was vetted by SEBI, Registrar of
Companies and Regional Stock
Exchange as well, however such
allegations are reported from the
FIR which have no relevance in
view of the closure of the FIR in
Sept., 1998.

The allegations that SBI Caps
allowed the company to collect
50% subscription on application
and exempted him from bringing in
the promoters quota is also false in
view of the SEBI guidelines and
the relevant time.

The allegations that SBI Caps
indulge in insider trading by
dealing with large number of shares
of MS Shoes for the purpose of
rigging the price to deceive the
generally ignorant investors is also
completely false as there was no
rigging or no insider trading that
has been found in the investigations
by CBI.

The allegations in the version of
Sh. Y.P. Singh that he had
evidence of pay off to SEBI
officials to overlook were also false
in view of the findings in
investigations.
At the time of closure CBI filed a
fresh complaint on 10.9.1998 u/s
68 of the Companies Act which
has been stayed by High Court of
Bombay as the entire allegations &
investigations in the FIR has been
closed since on the same
allegations another complaint
cannot be filed and its stand
admitted by High Court of
Bombay, the copy of the order is
annexed as Annexure-IV.

Sh. Y.P. Singh version as reported
in the said report stands closed by
his own investigations in the FIR.
As reported in the said report that
hotel project is now out of hands of
Pavan Sachdeva and has left with
the liabilities of bridge loan of Rs.
100 crores and issue expenses &
money losses on propping up
shares run in tens of crores is false
as no shares were propped up by
the company as per the
investigations of CBI which were
closed in Sept., 1998, in regard to
bridge loan it may be brought to
your kind notice that they stand
paid by the company and as such
presently there are no debtors of the
company neither any banks nor any
institutions, in regard to the hotel
project its stand decreed in favour
of the company vide order dated
3.7.2010, copy of the order is
annexed as Annexure-V.

2. Frontline Volume 17, Issue
16, august 5 18, 2000.


Controversy The MS Shoes
Affairs

(copy enclosed as Annexure-2).
The report reported in year
2000 in respect of allegation from
FIR have no stand and is irrelevant
information in the view of the said
fact that the FIR was closed in
Sept., 1998 besides in respect of
these allegations in the report are
not justified in view of the above
details given in point no. 1.

As reported that apparently the
Govt. has got report from CBI
months ago on the MS Shoes case
is completely false in view of the
closure of the FIR in Sept., 1998.
In respect of Hudco also the report
at present is completely irrelevant
in view of the decree & judgment
passed by the Court.
The said report is completely
outdated and irrelevant as well as
inadequate besides that it is no
longer relevant and that it is
excessive in relation to the purpose
for which they were processed in
the light of the time that has a
elapsed.

The deletion of the said report does
not amount censorship in view of
the supported documents enclosed
herewith.
3 Indiainfoline.com
2.5.2014

Company Profile by Sanjay
Jhaveri, CFA
(copy enclosed as Annexure-3). The allegations
that the company misrepresented the company
shares price in its advertisement is a false
information in view of the closures of such
allegations and court orders which have been
annexed herewith.
The report has been reported in
May, 2014 giving the false
allegations in the company profile
besides the fact that such
allegations are outdated as well as
inaccurate.
The allegations that Bombay Stock
Exchange threatened not to grant
listing is also false information
besides the fact that the case is of
1995.
The allegations that there were high
project cost of the company is also
false in view of the fact that the
project was appraised by a
premium institution Tourism
Financial Corporation of India.
The allegation that high project
cost of the company ultimately led
into devolvement of the issue is
also false as the issue was devolved
because of under subscription
within 60 days of the closing date
of the issue.

The allegations in respect of
criminal proceedings is also false in
view of the closure report as well
as the court order in Sept., 1998
besides the fact that the information
provided is of the current year May,
2014.

The Registrar as reported in the
report as MS Shoes East Ltd., 5
NWA, Punjabi Bagh Extn., New
Delhi 1-110026 is also false as all
times since 1995 the companys
Registrar Mas Services Ltd.
The such articles by written by
Sanjay Jhaveri, CFA which are
false should not be kept in data by
google and in fact no further
analyses of such persons should be
allowed to be downloaded in the
data.

In fact the award has been granted
by the Arbitrator in favour of the
company in June,2012 in respect of
the devolvement on the
underwriters and they have been
decreed in favour of the company,
one of the order passed is enclosed
as Annexure-VI although there are
almost 50 decrees passed against
50 underwriters amounting to more
than Rs. 98 crores.

The information which is false and
if deleted would not amount to
censorship.
4 Business Standard, Kolkata
12.6.1998


DRT Likely to Auction MS Shoes
Properties.

(copy enclosed as Annexure-4).



Business Standard, Kolkata
9.3.1998


Refund Allahabad Bank Rs. 21.49
crores, MS Shoes told. (copy
enclosed as Annexure-5).

The allegations that most of the
project having failed to take off is
of 1998 and the current situations
are entirely different in view of the
decree in favour of the company.
The allegation in the report in
respect of Allahabad Bank is also
irrelevant in view of the fact that
entire amount has been paid to
Allahabad Bank as back on
23.5.2009, copy of the letter from
Allahabad Bank is annexed as
Annexure-VII.

Further the report is outdated in
view of the fact that DRT
proceedings have been closed as
back as in July, 2009, the copy of
the DRT order closing the
proceedings is annexed as
Annexure-VIII.

The allegations in the last para of
the report that huge amount of
loans are to be paid by the
company has no relevance as
presently there are no debtors of the
company, the audited financial
report of March, 2014 is annexed
as Annexure-IX, the debtors were
paid longtime back by the company

Such report presently are invalid
and have to be forgotten under the
circumstances they have become
outdated as well as inaccurate.
Presently such data is inadequate,
irrelevant and is no longer relevant
as well as excessive in relation to
the purpose for which they were
processed in the light of the time
that has a elapsed. In view of
which such information is neither
legitimate nor legal information
and would not amount to
censorship if it is deleted.

It is a similar case which have been
decided by EU Top Court that
involved in a debt recovery
operations still continuous to
appear on the online specially such
data is existing long after the legal
dispute has been resolved by the
company.

The report of 9
th
March 1998 is
also obsolete, irrelevant and has no
longer relevant in the light of the
time that has elapsed besides the
fact that the entire amount stands
paid to Allahabad Bank as back as
in year 2009, the relevant
documents are already annexed.

5. Indian Express 14.7.1997


MS Shoes case finally comes for
hearing

(copy enclosed as Annexure-6).

The information in the report is
completely outdated in view of the
fact that suit in respect of 5 star
hotel land has been decreed in
favour of the company and the
judgment has been annexed
herewith.

As reported that the property is
awarded to Leela Hotels &
Convention Ltd. (LHCL) is also
outdated in view of the fact that
Leelas allotment had been
cancelled by Hudco as back as in
July, 1999.

6. Watchoutinvestors.com


Statement showing cases wherein
notices u/s 142 of Customs
Act,1962 issued on or after
1.4.2003. (copy enclosed as
Annexure-7).
The information given at serial no.
49, 56 & 63 showing huge
amounts as outstanding against the
defaulters, the amounts have been
shown in total approximately Rs.
16 crores is completely and
outdated information since the
show cause notices have been
dropped, copy of the orders
dropping the show cause notices
are annexed as Annexure-X
(Colly).

The company had never availed
any modvat since the company into
100% exports and as such modvat
could have never been availed, the
copy of the certificate issued by
excise department is annexed as
Annexure-XI.

In the serial no. 49, 56 & 63 have
been shown as nature of offence
that we failed to fulfill condition of
export obligation u/s 203/92 Cos. is
completely wrong in view of the
fact the conditions of the alleged
section had been complied with by
the company.

In the last column it has been
shown that the concerned central
revenue recovery cell for initiating
recovery action has been taken is
also false in view of the fact that all
the show cause notices stand
dropped against the company and
as such there is no recovery by the
Central Revenue Department.

The information is required to be
deleted as it is outdated in view of
the orders and the certificate
annexed herewith.
7. Express India. Com

26.8.2002


MS, Jaiprakash, MM Thapar Clock
Huge Unpaid Loans - (copy
enclosed as Annexure-8). The
default reported against the MS
Group and MS Shoes East Ltd. is
irrelevant as the entire amounts of
the banks stand paid since long
including the other group
companies have also paid the entire
amounts to the banks and at present
there are no liabilities whatsoever
of any of the group companies, the
letters from the banks/financial
institutions showing evidencing
there are no liabilities towards them
are annexed as Annexure- XII
(colly) which included also of the
group companies.

The allegations that Bombay Stock
Exchange threatened not to grant
listing is also false information
besides the fact that the case is of
1995.
The allegations that there were high
project cost of the company is also
false in view of the fact that the
project was appraised by a
premium institution Tourism
Financial Corporation of India.
The allegation that high project
cost of the company ultimately led
into devolvement of the issue is
also false as the issue was devolved
because of under subscription
within 60 days of the closing date
of the issue.

The allegations in respect of
criminal proceedings is also false in
view of the closure report as well
as the court order in Sept., 1998
besides the fact that the information
provided is of the current year May,
2014.


8. A.P. Associate Press 7.4.1995


Head of the Company arrested for
cheating after scandal closes
market (copy enclosed as
Annexure-9). The allegations in
the report that Pavan Sachdeva
cheated the investors stands closed
vide closure report of CBI as
already justified above.

The alleged dollar 4 million default
that closed the Bombay Stock
Market is completely false as the
company or the CMD was never
involved into any purchase of
shares from any stock exchange or
any broker, thus the allegations of
rigging the shares of the company
are also false in the light of the fact
that the CBI has closed the FIR.

The allegation of criminal
conspiracy and cheating against
three members of SEBI and two
officials of SBI Capital Markets
and the allegations of these officials
conniving with Pavan Sachdeva for
financial gains is also irrelevant in
the light of the fact that the FIR
registered by CBI stands closed.

Any allegations in respect of the
Stock Brokers is not concerned
with the company or Pavan
Sachdeva.
9 Tradeindia.com

India Largest B2 Market Place.


Sachdeva Shoes (copy enclosed as
Annexure-10). The website
Tradeindia.com concerns the trade
market place and has no right
whatsoever to plant such paras like
MS Shoes affair and MS Shoes has
gone to the cleaners besides the fact
is that all these reports pertain to
April, 1995 which are more than 20
years old, there are all irrelevant,
outdated and are also inaccurate
besides that they are excessive in
relation to the purpose for which
they were processed and in the light
of the time that has elapsed.



10 Citeman Network only
business community knowledge
base.


Capital Market Scams by Sree
Rama Rao on 1.7.2009.
(copy enclosed as Annexure-11). The
allegation that March, 1995 another scam known
as MS Shoes scam master mind by export, Pavan
Sachdeva, rigged up price of shares, leading
eventuality to a crash are completely baseless in
view of the fact that such allegation have been
reported from the FIR of CBI which stands closed
since 1998 while this article is written in 2009.
There are no allegation that subsist presently in
respect of share prices alleged to be rigged besides
it is a proved fact that the company nor Pavan
Sachdeva rigged the prices of the companys
shares. The allegation that the market were closed
for three days is baseless as the brokers did not
default due to the company or Pavan Sachdeva.
The shares were purchased by the brokers on
certain vested interest and in any case such
allegation do not stand proved against the
company or Pavan Sachdeva in view of the closure
report accepted by the Court as well as the stay
granted by High Court in respect of complaint
under the Companies Act filed by CBI in 1998, the
closure and stay order has already been annexed as
Annexure II & IV.
In the present circumstances such
data is inadequate, irrelevant and
excessive in relation to the purpose
for which they were processed in
1995 and in the light of the time
that has elapsed such reports should
not be entertained even if written
by Sree Rama Rao who has not
reported the change facts of the
case in view of which the said
report is required to be corrected
and till then should be deleted as it
would not amount to censorship.


11 Business Standard, Kolkata.
21.4.1997 by Cherian Thomas


Ms Shoes to Sue DSE over
Arbitrator. (copy enclosed as
Annexure-12). The report is
outdated as High Court of Delhi
has already appointed the Arbitrator
vide order dated 14.3.2007 and the
awards have already been decided
in favour of the company by the
Arbitrator in June, 2012 which
have been decreed in favour of the
company, the copy of the order of
High Court appointing the
arbitrator is annexed as Annexure-
XIII and copy of the decree passed
by High has already been annexed
as annexure VI.

Presently the report is outdated as
well as inaccurate besides such data
is inadequate, irrelevant which is
no longer relevant as well as it is
excessive in relation to the purpose
for which it was processed and in
the light of time that has elapsed. In
view of which such information
would not amount to censorship if
it is deleted.

12 The Financial Express posted
online 27.2.2003 reported on
26.2.2003.

IF War on Cor. Defaulters (copy
enclosed as Annexure-13).


1. The allegations that Indian Air
Force has declared a war on
defaulter by filing criminal cases
including the High Flying
Corporate like Pavan Sachdeva,
MS Shoes by filing an FIR under
the order of Delhi Metropolitan
Magistrate is not totally correct as
High Court of Delhi granted the
stay since the FIR was not found to
be correctly registered, however,
the said FIR was quashed vide
order dated 19.9.2005 is annexed as
Annexure-XIV in view of which
presently the said report is outdated
since the amount stands paid to
Indian Air Force . The information
presently is outdated as well as
inaccurate and the deletion of the
same would not amount to
censorship.

13 Rediff on the net business
news. Copy right 1997 Rediff On
the Net.

CBI Targets SBI, SEBI officials in
MS Shoes Scam. (copy enclosed as
Annexure-14).
The allegation in the report that
CBI proposes to seek Govt.
sanction to prosecute certain bank
officials and SEBI officials and that
MS Shoes, Managing director,
Pavan Sachdeva would be main
accused are irrelevant in view of
the fact that no prosecution had
been filed by CBI, rather closure
report was filed in Sept., 1998 and
court had accepted the closure
report, the documents in respect of
the closure have been annexed as
Annexure -II & IV.

The allegations that it was a scam
and Bombay Stock Exchange
closed for three days do not have
any substance. Further the
allegation that SEBI permitted to
collect 50% of the applications of
the subscription and that SEBI
official did not take any precaution
nor did not they instruct Delhi
Stock Exchange not to release the
public issue funds are completely
irrelevant and outdated in view of
the fact that such allegations were
in the FIR and they have been
closed since Sept., 1998.

The allegations in the report that
Sachdeva misled investors and
rigged the market to prop up his
shares prices also have no
substance and outdated in view of
the fact that the FIR containing
such allegations has been closed
since Sept., 1998 and the complaint
under Companies Act also stand
stayed by High Court of Mumbai
since 2009.

The said report is outdated as well
as irrelevant and the deletion of the
same will not amount to
censorship.
14 expressindia.indian
express.com 11.9.1998. (copy
enclosed as Annexure-15).

CBI filed complaint in MS Shoes
case

1. The alleged complaint under
Companies Act stands stayed by
High Court of Bombay vide order
dated 1.9.2009, the copy of the
order has been annexed as
Annexure-IV. The allegation of the
complaint as reported in the report
do not persists in view of the fact
that the complaint is of 1998 and in
the petition filed before High Court
of Bombay, the court was appraised
of the false allegations due to
which petition was admitted and
stands stayed since 2009 in view of
which the said report is no subsist
and outdated.

15 eBook Pearson Education
India


The Indian Financial System :
Markets, Institutions and Services
By Bharati V. Pathak
Capital markets Scams (copy
enclosed as Annexure-16). The
allegation that March, 1995 another
scam known as MS Shoes scam
master mind by export, Pavan
Sachdeva, rigged up price of
shares, leading eventuality to a
crash are completely baseless in
view of the fact that such allegation
have been reported from the FIR of
CBI which stands closed since
1998 while this article is written in
2009. There are no allegation that
subsist presently in respect of share
prices alleged to be rigged besides
it is a proved fact that the company
nor Pavan Sachdeva rigged the
prices of the companys shares. The
allegation that the market were
closed for three days is baseless as
the brokers did not default due to
the company or Pavan Sachdeva.
The shares were purchased by the
brokers on certain vested interest
and in any case such allegation do
not stand proved against the
company or Pavan Sachdeva in
view of the closure report accepted
by the Court as well as the stay
granted by High Court in respect of
complaint under the Companies Act
filed by CBI in 1998, the closure
and stay order has already been
annexed as Annexure- II & IV.


In the present circumstances such
data is inadequate, irrelevant and
excessive in relation to the purpose
for which they were processed in
1995 and in the light of the time
that has elapsed such reports should
not be entertained even if written
by Bharti V. Pathak who has not
reported the change facts of the
case in view of which the said
report is required to be corrected
and till then should be deleted as it
would not amount to censorship.
Further that such allegations have
been carried over from one of the
newspaper report/FIR which has
been closed by CBI as well as the
Court in view of which such
allegations are outdated as well as
irrelevant and such the deletion of
the same would not amount to
censorship.

16 eBook


Boost Your Professional Career By
S.K. Bhatia


The Importance of Ethics (copy
enclosed as Annexure-17). 1. The
allegation of the report naming MS
Shoes East Ltd. for misleading
investing public and alleging the
cheating of the small investor of
their hard earned money is baseless
in view of the fact that the
company never cheated any of the
investors and such allegations have
been carried over from some of the
newspaper report/FIR which stands
closed and the newspaper reports
are outdated in view of the fact that
the company has not cheated any of
the investors which has been
supported by the closure of the FIR
in view of which such allegations
are outdated as well as irrelevant
and such the deletion of the same
would not amount to censorship.

17 eBook


Corporate Governance : Principles,
Policies and Practices By A.C.
Fernando

Secondary Markets Reforms (copy
enclosed as Annexure-18).


Business Ethics and Corporate
Governance By A.C. Fernando
(copy enclosed as Annexure-19).
The allegations in the report
which have been reported
separately twice the language of
which is the same that the company
manipulated stock market price
quotations and that MS Shoes is an
example of market rigging in
March , 2001 is completely false as
the company never rigged the
prices as being alleged besides the
facts is that companys shares were
not traded even in 2001 in view of
which the said report is completely
false on the face of it which needs
to be considered to be deleted as it
would not amount to censorship at
all.


18 eBook


Business Ethics: An Indian
Perspective By A.C. Fernando


Major Indian Scams (copy enclosed
as Annexure-20). 1. The
allegations that 1994 MS Shoes
was involved in insider trading and
that dominant shareholder Pavan
Sachdeva took large leverage
position through the brokers at
Delhi Stock Exchange & Bombay
stock Exchange to manipulate share
prices is completely false in view
of the fact that such allegations do
not stand once the allegations in the
FIR stands closed besides the fact
that the company or Pavan
Sachdeva was never involved in
insider trading nor did purchase
any shares as being alleged in the
report. Besides the fact is that the
said report has no relevance due to
elapse of time that they were
reported in 1995 besides the fact is
that such report and data is
irrelevant and is no longer relevant
as well as it is outdated and
inaccurate.

19 e.book-


India Business Yearbook2009 By
Career Launcher India Ltd.


Misappropriation of

Funds (copy enclosed as
Annexure-21). 1. The allegation
of the scam broke when CBI
arrested Sachdeva on charges of
criminal conspiracy with SBI
Capital Markets Ltd. to allow a gap
of 90 days between the public issue
and the right issue which enabled
Sachdeva to divert funds from
public to subscribe to right issue
entitlement of the promoters
amounting to Rs. 1.3 billion which
caused panic in the stock market
have no relevance in view of the
fact that the said allegations stand
closed by CBI in Sept., 1998 in
view of which the said report is
outdated, irrelevant as well as
excessive in relation to the purpose
in the light of the time that as
elapsed and such deletion would
not cause any censorship.



1 MS Shoes from Wikipedia, the
free encyclopedia.

(copies enclosed as Annexure-1).
1. The allegations in the report
in which reliance has been made
on report from Nirmala Ganpati
June 6, 2003 the Indian Express,
retrieved 1.5.2012 that MS Shoes
has gone to the cleaners is
completely false and outdated
since it is reported that many
investors lost large sums of money
is wrong in view of the fact that the
company did not get the full
subscription and the issue was
devolved on the underwriters who
did not pay within 60 days of the
closure of the issue due to which
the entire amount collected from
the investors was refunded by a
resolutions passed by the company
22.4.1995, the letter received from
SBI Market Ltd. in response to
letter of SEBI as well as the
resolution passed by the company
are annexed as Annexure. I & II.
Further the certificate issued by the
Registrar mailing all the refund is
annexed as Annexure - III. Thus
the allegations that investors lost
the money is completely wrong.


2. The allegations that Pavan
Sachdeva took over his fathers
Delhi based shoe export business is
completely false and wrong since
Pavan Sachdeva never took over
his father. Further the allegations
that Pavan Sachdeva raised money
from investors and borrowed large
sums from financial institutions and
banks, the said report is stated to
be carried over from the report of
Nirmala Ganpati June 6, 2003 the
Indian Express, retrieved 1.5.2012
is also wrong since no such money
was raised from the investors as the
entire amount had to be refunded
since the issue was devolved on
the underwriters and remained
undersubscribed till the 60
th
day of
the closure of the issue and as per
terms of prospectus the said
amount was refunded within the
stipulated time by passing a
resolution on 22.4.1995. In respect
of the alleged borrowing from
banks & financial institutions, the
company borrowed the amounts
from the banks as per law and in
due course of business due to
which such report is also not
authenticated.


3. The allegations that share
prices were manipulated and that
they crash in March, 1995 which is
further relied upon of the report of
Deepa Mehta as well as V.S. Bhim,
July 1, 2009 as well as citeman
network retrieved 1.5.2012 and
Business Today Jan 20, 2002, all of
which do not have any relevance in
view of the fact that all such
allegations stand closed since Sept.,
1998. Further that the company has
survived very well and has no
complaints of any of the
shareholders and as reported that
the company is defunct (2003) is
also completely wrong in view of
the fact that the company has been
abiding by all the laws of country
and has been filing its returns with
ROC regularly.


4. That the allegations in
respect of investigation by CBI as
picked up from Business Standard
Gargi Chakravarti 19.6.1997
retrieved 1.5.2012 is also irrelevant
since CBI closed the FIR in
Sept,1998 and such the allegation
being alleged in the report in
respect Prevention of Corruption
Act have no relevance at present
since the allegations are outdated
and inaccurate besides being
irrelevant and excessive in relation
to the purpose for which they were
processed and in the light of the
time that has elapsed since the
closure of the FIR.


That the allegations that CBI
reopened the case in 2003 and that
many other civil and criminal
charges were filed in which
reliance has been made on report
from Nirmala Ganpati June 6, 2003
the Indian Express, retrieved
1.5.2012 is completely false in
view of the fact that the FIR was
closed in Sept., 1998 and the
closure report was accepted by the
court on 30.9.1998, the same is
annexed as Annexure-IV.

The allegation in the report that the
Metropolitan Court issued a
warrant against Sachdeva to failing
the pay back to India Air For
Benevolent Association as reported
from Indian Express April 19, 2003
retrieved on 1.5.2012 is also
irrelevant in view of the fact that
the Court had stayed the FIR vide
its order dated 13.2.2004 and the
FIR has been quashed vide order
dated 19.9.2005, copy of the order
stay is annexed as Annexure. V
and copy of the FIR has been
quashed is annexed as Annexure-
VI in view of which the said report
is irrelevant and outdated and any
retrieval on 1.5.2012 do not support
the actual facts besides the said
report is reported to be modified on
19.4.2014 which does not have
proper reports of the current
situations accept it has been
retrieved from the old reports
which are outdated in view of the
changes that have not been reported
and as such the current report
modified on 19.4.2014 is irrelevant,
inadequate and as such it needs to
be deleted.

Further the report that the Delhi
High Court has ordered the
company be sent to BIFR and the
allegation that few company
survive this process is completely
wrong in view of the fact that High
Court did not order that the
company be sent to BIFR, in fact
the company filed its reference was
registered with BIFR on 13.6.2002,
coy of the same is annexed as
Annexure-VII it was mandatory
to go to BIFR as net worth of the
company had eroded and presently
the rehabilitation scheme submitted
by the company to the Operating
Agency and BIFR has been
approved vide order dated
25.10.2013 of BIFR, copy of the
order is annexed as Annexure-
VIII.

It is further informed that the
company has been given awards of
more than Rs. 98 crores against the
underwriters who did not pay on
devolvement of the issue and the
company also has a decree against
Union of India as well as Hudco for
wrongfully forfeiting the amount of
Rs. 68.68 crores in respect of its 5
star hotel projects, the copy of the
decree is annexed as Annexure-IX.